consumer behavior models
DESCRIPTION
TRANSCRIPT
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Consumer behavior
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The term customer refers to the purchaser of a product or service whereas the term consumer refers to the end user of a product or service.
A customer is
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What is it
?
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Factors influencing consumer behavior
Cultural
Social
Personal
Psychological
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personality
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Contd..
Schiffman (2008) as that the unique dynamic organization of characteristics of a particular person, physical and psychological, which influence behaviour and responses to the social and physical environment.
related to the heredity and the experience of early childhood.
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psychographic
Activities
•Interests
•Opinions
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Family helps shape an individual's
attitudes and behaviours
develop political and
religious beliefs, lifestyle
choices, and consumer
preferences
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society
outside influences of others
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Attitude and life styles
“the patterns in which people live
and spend time and money.”
Beliefs and feelings
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Values of perception
•Organization,
•Identification,
•Interpretation
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The organization, identification and interpretation of sensory information in order to represent and understand the environment.
can be shaped by learning, memory and expectations.
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Models of consumer behavior
Traditional models:
Economic Model
Learning Model
Psychoanalytic Model
Sociological Model
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Economic model
Law of principal of maximum utility Law of equimarginal utility enables a
consumer to secure the maximum utility from limited purchasing power Price effect Substitution effect Income effect
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Learning model
The response of satisfaction reinforces the relationship
Learns to associate connection between stimulus and response which becomes habit
Understanding the response of consumer at the market place
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Psychoanalytical model
Personality of consumers and their responses
Consumer behavior is directed by a complete set of deep seated motives
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Sociological model
As his role, status, interaction, influence,
group relation, lifestyle, income, occup-
ation, place of residence, social class etc.
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Contemporary models
Harward seth model Nicosia Webster and wind Engel, balckwell and minard model
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Howard sheth model
Customer lacks well defined evaluative criteria to judge the product
Searches for information After passing his own personality, his
intake is modified Evaluates the brands available Seeks greatest potential of satisfying his
motives
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example
Online shopping
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Nicosia model Proposed by Francesco Nicosia in
1970s Incomplete in a number of aspects,
very reductionist
Variables in the model have not been clearly defined
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A number of assumptions have been made that question the validity of this model, for instance:
What type of consumer are we talking about? The company and the consumer have an
existing relationship? What type? Is this for a new product? Is this the first
exchange the consumer has had with the producer?
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example
Four-wheelers
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Engel, Blackwell and minard model
Information input
Information processing
Decision process stage
Variables influencing decision making process
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example
Garment sectorSocial classFamilyLifestylePersonalityBeliefs attitudes
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Webster and wind
partitiones the buying process into several processes
processes of decision-making are determined by environmental and organizational factors.
Final buying process rendered as the mixture of individual and group decision
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example
Automobile manufacturing• B2B business
• Purchasing tires
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conclusion
Understanding consumer contributes the best to any organization and for this, models would work great
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